Home News Company in the news

Two charged for attempt to defraud CPF

Atiqah Mokhtar
Atiqah Mokhtar3/31/2021 04:12 PM GMT+08  • 2 min read
Two charged for attempt to defraud CPF
Chen Zhihao Samuel is accused of withdrawing funds from his CPF Ordinary Account by artificially incurring trading losses.
Font Resizer
Share to WhatsappShare to FacebookShare to LinkedInMore Share
Scroll to top
Follow us on Facebook and join our Telegram channel for the latest updates.

Charges have been brought against Chen Zhihao Samuel and Wong Tuck Wai Raymond for carrying out a scheme to defraud the Central Provident Fund (CPF) board.

Between September 2017 and January 2019, Chen withdrew funds from his CPF Ordinary Account (OA), by incurring trading losses when he bought shares from Wong at artificially high prices and subsequently sold the shares to Wong at artificially low prices.

His trades involved shares from Santak Holdings, CFM Holdings, RH Petrogas and Sunvic Chemical Holdings.

For more insights on corporate trends...
Sign In or Create an account to access our premium content.
Subscription Entitlements:
Less than $9 per month
Unlimited access to latest and premium articles
3 Simultaneous logins across all devices
Bonus unlimited access to online articles and virtual newspaper on The Edge Malaysia (single login)
×
Loading next article...
The Edge Singapore
Download The Edge Singapore App
Google playApple store play
Keep updated
Follow our social media
Subscribe to The Edge Singapore
Get credible investing ideas from our in-depth stock analysis, interviews with key executives, corporate movements coverage and their impact on the market.
© 2022 The Edge Publishing Pte Ltd. All rights reserved.
Unlock unlimited access to premium articles with less than $9 per month. Subscribe Now